If you wish to rent a property, we need some information before you place a holding deposit down. We may have other applicants viewing the property, or have already shown other applicants, so if you want to be sure to secure your new home please move fast!
Please bring your passport to the viewing to show the negotiator to comply with Right to Rent requirements. If you do not have a passport please discuss alternatives with us.
Prior to the tenancy being offered, credit, employer, previous landlord and bank references will be obtained in respect of all tenants by professional referencing agencies acting on our behalf. Any offer of a tenancy is strictly subject to satisfactory references being passed.
Proof of Identity:
You must satisfy a ‘Right to Rent’ check, as this is required by law. If you have a UK passport, the simplest solution is to bring the original passport to the viewing. If you do not have a UK passport but are a UK citizen, we will help you find a solution. If you are not a UK citizen we will use the government’s right to rent check website to certify your status. Here is more information:
For all applicants, we will also require proof of address, such as a recent utility or council tax bill in your name at your current address. For company rentals, we require proof of identity of the director or authorised signatory, as well as proof of directorship or proof of authority to sign.
We follow the government’s requirements with regards to holding deposits for properties and by not charging tenant fees. In line with this, you will be required to pay a holding deposit equal to 7 days rent of the property in question. Once this amount has been paid, we will stop advertising the property.
In the event of all parties proceeding with the tenancy, we will refund the holding deposit to you. This will usually be by way of making an equivalent deduction from the move-in monies required from you before check-in. Unless informed otherwise, it will be taken against the rent payable.
Securing the property:
Until we have received the holding deposit the property will remain on the market. Once your holding deposit money has been paid, the property will be removed from the market and you will be asked to upload your documents to our tenancy management system within 48 hours of making the payment. Once all your documents have been uploaded and referencing has been completed the referencing report will be sent to your landlord for the final approval. We would usually hear back from the landlord within 72 hours if your application has been successful. Then we will confirm a move in date, if no agreement can be reached within 15 days your money will be refunded. Please see ‘Initial Payment’ section above regarding when the holding deposit will be, or not be, returned.
If the tenancy does not go ahead:
If the landlord decides not to rent the property or an agreement is not reached before the deadline for agreement (provided you are not at fault), we will refund the holding deposit to you in full. Unless agreed in writing below, the deadline for agreement will be 15 days after the holding deposit has been received by us.
If you provide false or misleading information which reasonably affects the landlord’s decision to let the property to you, or if you fail a right to rent check, or if you withdraw from the proposed agreement, or if you fail to take all reasonable steps to enter an agreement when the landlord has done so, we will retain your holding deposit in full. In the event that we intend to retain your holding deposit, we will set out in writing the reason for this within 7 days of either deciding not to enter the tenancy agreement or the deadline for agreement.
Second payment before moving in:
The tenancy deposit is 5 weeks’ rent. One week before the arranged move in date we will ask you to pay the tenancy deposit and the rest of the rent in advance. There are no fees, unless you pull out of the deal or something comes to light later that invalidates the references you have provided.
When will a Guarantor be necessary?
The most common reasons for an applicant to require a Guarantor are:
- When the income to rent ratio is less than the recommended level (the applicant will be declined outright if the ratio is < 1.5)
- If the total income of all applicants is less than 30 times the rent.
- When the Experian credit rating is “Fair” or below
- Unemployed, students
- Self-employed for less than 3 years or unable to provide accountant details or an SA302
- No proof of residency at the current address
- When the contract of employment for an applicant does not extend beyond the terms of the tenancy
To be an acceptable Guarantor an individual must:
- Resides in the UK – Be a U.K or EEA national or a Foreign National with an indefinite right to remain (proof of residency, ID at Visas where appropriate will be required).
- Have an Experian credit rating of “Good” or above – with no bankruptcy, IVAs, County Court Judgments or Court Decrees (Scotland)
Guarantors will generally need to meet the following requirements and be able to evidence it. Other options may be negotiable but please ask in advance:
- Employed guarantors need to earn monthly rent x 36
- No job, relying on savings: show savings of Rental Amount x Length of Tenancy x 3. Proven with bank statements showing this amount has been in their bank account for at least 6 months.
- Retirees: a minimum annual pension of Rental Amount x 36 evidenced with a pension statement.
- Other options may be negotiable.
If you are not clear on what you need to provide, please discuss it with the property consultant or call the office and speak with the lettings department on 01702 445 600.
For the full tenant Terms and Conditions, we would urge you to download a copy of our Tenant Checklist and Terms & Conditions.
You will be provided with a copy of the proposed tenancy agreement once referencing is complete. You should read this carefully to ensure that you agree with the content before signing it. If you are unsure about the meaning of any clause, you should take independent legal advice.
Pace Company Details:
Our full company name is Pace Property Lettings & Management Ltd, and the registration number is 10354728. Our registered office is Meridian Point, 461-463 Southchurch Road, Southend on Sea, Essex, SS1 2PH.
The directors are Crystal Horwood and Bernard Horwood and they can be contacted at the registered office address. The phone number is 01702 445 600 and email is [email protected].